Barry Ritholtz writing at has another piece in his Apprenticed Investor series. This time Barry takes to task the financial media for their focus on stock picking to the detriment of the important processes of portfolio management.

…(S)tock selection is far less important to performance than a host of other factors. The overemphasis on stock-picking permeates the financial media. It’s easy to see why. It has a good story line, an inherent dramatic conflict. It lends itself to the horse-race-type coverage that’s so easily done. Plus, it’s easy for readers to comprehend: Buy this, don’t buy that. You can understand why the media and investors overemphasize it.

But the fact remains that regardless of the importance put on stock selection, most investors have underperformed the market, despite, I may add, recently going through the greatest bull market in history. That should raise serious questions to those whose sole emphasis is stock selection.

This is prompted in part by the media attention on the Joel Greenblatt book, “The Little Book That Beats the Marketâ€?. You can read our take on a this book and what it means for investors trying to create their own personal investment process.

This piece provides a useful counterpoint to the cacophony of voices telling you to buy this stock or the other. Take a look.

This content, which contains security-related opinions and/or information, is provided for informational purposes only and should not be relied upon in any manner as professional advice, or an endorsement of any practices, products or services. There can be no guarantees or assurances that the views expressed here will be applicable for any particular facts or circumstances, and should not be relied upon in any manner. You should consult your own advisers as to legal, business, tax, and other related matters concerning any investment.

The commentary in this “post” (including any related blog, podcasts, videos, and social media) reflects the personal opinions, viewpoints, and analyses of the Ritholtz Wealth Management employees providing such comments, and should not be regarded the views of Ritholtz Wealth Management LLC. or its respective affiliates or as a description of advisory services provided by Ritholtz Wealth Management or performance returns of any Ritholtz Wealth Management Investments client.

References to any securities or digital assets, or performance data, are for illustrative purposes only and do not constitute an investment recommendation or offer to provide investment advisory services. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others.

Please see disclosures here.

Please see the Terms & Conditions page for a full disclaimer.